C'è l'interim report dei primi 9 mesi e il Q3/2007... Mi pare si veda qualche primo risultato della ristrutturazione e degli aumenti di prezzo che almeno su una parte della produzione sono riusciti a fare passare (il famoso 5% sulla uncoated fine paper di cui si parlava ad inizio anno)...
http://www.kauppalehti.fi/4/i/eng/r...ected=hex&oid=20071001/11933220358000&lang=EN
Visto che la press agency di cui si serve M-real fra un po' di tempo toglierà il link al report (che resta comunque disponibile nel sito aziendale di M-real, ricchissimo di informazioni), alcuni passaggi fondamentali sull'andamento delle attività di ristrutturazione e sullo stato del corporate financing ...
Se qualcosa non dovesse andare per il verso giusto ed i bond soffrissero in futuro, M-real potrebbe rappresentare un caso molto interessante...
Structural change
The restructuring programme started in October 2006 is progressing on
an extended scale. In January 2007, M-real sold 9 per cent of the
shares of Metsä-Botnia to Metsäliitto Group for EUR 240 million, for
which it booked a capital gain of EUR 135 million. The Sittingbourne
fine paper mill in the UK was closed at the end of January and the
Gohrsmühle fine paper machines 6 and 7 in Germany were shut down at
the end of February. The Wifsta fine paper mill in Sweden was closed
in July. A total of about one-third of the production of the machines
that were shut down has been transferred to M-real's other machines.
Related to the closures, EUR 76 million was recognised as an expense
in the 2006 financial statements and an expense reserve of EUR 36
million was booked in the first quarter of 2007 for the completion of
closures. The closures' impact on cash flow is approximately EUR -70
million, slightly over half of which will be realised in 2007 and the
rest in 2008-2015.
The statutory negotiations related to the profit improvement
programme in Finland were concluded during the summer. The
programme's overall impact on staff is approximately 500 person work
years. The talks also agreed on changes in vacancies and on other
enhancement measures, which will decrease the need for temporary
employees and holiday replacements by some 100 person work years.
Previous measures and those now agreed on will result in annual cost
savings of approximately EUR 40 million in Finnish operations. They
will be felt in full from the beginning of 2009. The non-recurring
expenses resulting from the programme, totalling some EUR 11 million,
were recognised in the second quarter. The amount includes an asset
write-down of approximately EUR 2 million. Paperboard machine line 2
at the Tako board mill, with an annual capacity of 70,000 tonnes, was
closed down in July as announced previously. Most of the production
has been transferred to other machines in the Consumer Packaging
business area.
At the turn of May and June M-real sold Tako Carton Plant Ltd. to
Finnish Pyroll Oy and M-real Petöfi Nyomda Kft to Germany's STI
Group. The total debt-free transaction price of the divestment of
these carton plants located in Finland and Hungary was EUR 35
million. A loss of EUR 2 million from the transactions was booked in
the second-quarter result. Excluding non-recurring items, the
transactions will have a slightly negative impact on the operating
result in 2007 and will lead to a decrease of approximately EUR 55
million in annual sales and in personnel by approximately 580. The
sales process of the Meulemans carton plant continues.
In July, M-real announced its plans to sell Map Merchant Holdings BV
and its subsidiaries to the French Antalis International SAS. The
total value of the transaction, including possible debt and pension
liabilities, is EUR 382 million. M-real expects to recognise a gain
of approximately EUR 80 million in the figures for the quarter in
which the sale is closed. The deal will not significantly affect
M-real's result before taxes, except for the non-recurring profit
impact of the closed sale. Gearing is estimated to decrease as a
result of the divestment by approximately 20 percentage points. The
EU Commission has approved the sale and the transaction is expected
to be completed during the fourth quarter of 2007. Once the
transaction has been finalised, M-real will have sold over EUR 650
million worth of asset items, exceeding its target of EUR 500
million.
In July, M-real exercised its contractual purchasing right to buy,
for about EUR 13 million, the Kyröskoski gas combined power plant and
the land on which M-real's Kyröskoski mills are located.
Financing
At the end of September the equity ratio was 32.7 per cent (31
December 2006: 30.9) and the gearing ratio 117 per cent (126). Some
of M-real's loan agreements set a 120 per cent limit on the company's
gearing ratio and a 30 per cent limit on the equity ratio. Calculated
as defined in the loan agreements, the gearing ratio at the end of
September was approximately 102 per cent (111) and the equity ratio
approximately 36 per cent (34).
Net interest-bearing liabilities totalled EUR 2,187 million at the
end of September (2,402). 12 per cent of the long-term loans were
denominated in foreign currencies. 77 per cent of the loans were
floating-rate and the rest fixed-rate. At the end of September the
average interest rate on loans was 7.0 per cent and the average
maturity of long-term loans 3.7 years. The interest rate maturity of
loans was 5.3 months at the end of September. During the period it
varied from 5 to 8 months.
Cash flow from operations in January-September amounted to EUR 228
million (Q1-Q3/06: 188). Working capital was up by EUR 32 million
(74).
At the end of September, an average of 6 months of net foreign
exchange exposure was hedged. The degree of hedging varied between 6
and 7 months during the period. At the end of September,
approximately 95 per cent of foreign-currency-denominated
shareholders' equity was hedged.
Liquidity is good. At the end of September liquidity was EUR 985
million, of which EUR 856 million consisted of binding long-term
credit agreements and EUR 129 million of liquid assets and
investments. In August, a remaining tranche of approximately EUR 350
million of a EUR 850 million revolving credit facility that matures
in November 2007 was cancelled. There is no reason to renew this
facility due to the adequate liquidity reserve. To meet its
short-term financing needs, M-real also had non-binding domestic and
foreign commercial paper programmes and credit facilities amounting
to nearly EUR 600 million.
ho tradato un altro bond M-Real a tasso fisso, e se fai una ricerchina in sezione con la parola "M-Real" nel solo titolo dei 3D, ti viene fuori un 3D dedicato e del materiale ... 